Figure 1: Section of unsampled NQ diamond core from IDDD002 (267.1m to 267.7m) on Tenement M29/2 at Mt Ida Project
MT IDA PROJECT
Mt Ida Gold Pty Ltd is the holding company of the Mt Ida Gold Project, comprising 19 tenements in the historical Mt Ida gold mining district, located approximately 100km north-west of Menzies in the WA goldfields.
The project tenements cover an area of 155km2 and include the historic Timoni Gold Mine and others, which have produced greater than 300,000 oz gold at 17.2 g/t head grade.
- Acquired from Ora Banda Mining in September 2021 for $11M cash
- A current gold resource of 318,000 t @13.8g/t gold for 141koz calculated under the JORC 2004 guidelines
- Evidence of occurrences of Lithium-bearing pegmatites with Tantalum
- Exploration activities to commence immediately October 2021
The Mt Ida project has total resources of 318,000 t @13.8g/t of gold for 141koz, Indicated resources total 136,000t @ 18.6 g/t gold for 81koz with 182,000t @ 10.3 g/t gold for 60koz in Inferred category. All resource currently stated at Mt Ida are calculated under the JORC 2004 guidelines with no material change to the existing resources since estimation.
Whilst undertaking the technical due diligence of the Mt Ida Project, it was noted that multiple high-grade lithium intervals had been intersected within pegmatite bodies on the western contact of the main Mt Ida granite intrusive, known as the Copperfield Granite.
Initial investigations from available data shows pegmatite outcropping in 5 separate locations proximal to the main granitic intrusive, and along the contact with the western bounding mafic amphibolite units which host the high-grade Mt Ida gold copper lodes.
A preliminary target corridor has been interpreted and extends for up to 5 km in strike from the most southern-identified outcrop parallel to the granite and north into the Company’s adjacent exploration tenement, with potential to extend further in both directions.
Of significance is that no historic exploration has been carried out with the intention of targeting these Lithium bearing pegmatite intrusives. This opens up large areas on both the eastern and western limbs of the granitic intrusive contacts for future exploration and will complement the Company’s aggressive gold/copper exploration program at the Mt Ida Project.